Toronto Stock Exchange (TSX) approves Deference Model - 5 November 2015

On 10 September 2015, the Toronto Stock Exchange (TSX) adopted amendments (the Amendments) to the TSX Company Manual. The Amendments modify, expand and formalise certain exemptions available to issuers listed on two or more exchanges or marketplaces (Interlisted Issuers).

The Amendments allow TSX to defer to other exchanges or jurisdictions for an expanded number of transactions as well as on certain corporate governance matters as they apply to certain Interlisted Issuers (the Deference Model). TSX acknowledges that corporate statutes and market requirements in other jurisdictions may differ from those in Canada; however, they address similar policy objectives, including protecting security holders and maintaining the quality of the market. TSX recognises the Deference Model is appropriate where the other exchange and corporate laws have appropriate requirements (although not necessarily the same as in Canada) and TSX has a clear minority of trading.